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Futures little changedPosted by Retirement on: 2005-09-30 07:13:32 in category:
Stocks & Securities [ Print | Permalink / 0 Comment(s) ] By TAVIA GRANT Friday, September 30, 2005 Posted at 8:10 AM EDT U.S. stock futures were mixed Friday on the final day of the third quarter. In Canada, Rothmans Inc. shares will be active after a Supreme Court of Canada ruling cleared the way for British Columbia to sue the tobacco company for billions of dollars in health-care costs. In the U.S., Standard & Poor's futures fell 0.50 points to sit 0.21 points below fair value, while Nasdaq futures fell 1.00 point to sit 0.83 points below fair value. Dow futures fell 7 points. In Canada, shares of Rothmans are poised to fall. Yesterday's 9-0 judgment upholds provincial legislation that allows the government to seek damages to cover public health care costs dating back 50 years, as well as future costs for health problems linked to tobacco. The ruling is “a very big deal,” clearing the way for other provinces to launch similar claims, David Hartley, an analyst at Blackmont Capital told The Globe and Mail yesterday. Nelson Resources Ltd., an oil producer that's listed on the Toronto Stock Exchange but operates in the central Asian country of Kazakhstan, agreed to negotiate with Lukoil Overseas Holding Ltd. of Russia over a proposal to buy Nelson for $2-billion (U.S.) in cash. The transaction would value Bermuda-incorporated Nelson at $2.57 (Canadian) a share, based on Sept. 29 currency rates. Royal Bank of Canada will take a charge of $130 million (U.S.) in the current quarter for expected claims from damage caused by hurricanes Katrina and Rita in the U.S. Gulf of Mexico coast states. Canada's largest bank said late Thursday it expects to take the after-tax charge in the fiscal 2005 fourth quarter that ends Oct. 31. In the world of wine, both Vincor International Inc. and U.S. giant Constellation Brands Inc. were silent yesterday amid a hostile takeover play for Canadian wine maker. Vincor is now shopping itself around to other potential bidders after rejecting Constellation's $31-a-share offer as inadequate this week. In the U.S., machinists at Boeing Co. approved a new labour contract, ending a four-week strike that shut down the company's commercial airplane assembly plants. Oil prices slipped Friday as traders monitored the recovery on the U.S. Gulf Coast after Hurricane Rita and its possible impact on winter fuel supplies in the northern hemisphere. Benchmark light, sweet crude for November delivery on the New York Mercantile Exchange slipped 10 cents to $66.69 a barrel. The contract had risen 44 cents on Thursday. The Canadian dollar traded at 85.64 cents (U.S.), up from yesterday's close of 85.38 cents. A Canadian gross domestic product report is due today, with economists expecting a 0.3-per-cent increase in July. Homepage Other open community sites http://www.business-business.biz Please support our sponsors: To design your custom retirement plan. http://www.retirement-plan.us For planning IRA rollovers. http://www.ira-rollover.us Professional asset allocation and the wonders it can do. http://www.asset-allocation.us Professional money management- Nationally ranked performance. http://www.roth-ira.us Managers selected to fit your needs. http://www.money-managers.us |
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